Vedanta Resources : Cairn announces appointment of CEO

21 October 2014

Vedanta Resources plc
Cairn India announces appointment of Managing Director and CEO

For Immediate Release21st October, 2014

Cairn India announces appointment of Managing Director & Chief Executive Officer

Cairn India has appointed Mayank Ashar as the Managing Director & Chief Executive Officer of the Company with effect from 17th November, 2014. The Board of Directors in its meeting held on 21st October, 2014 announced the appointment which is subject to approval of shareholders and other regulatory approvals, as applicable.

Mr. Ashar brings with him more than 36 years of rich & diverse experience in the international Oil & Gas industry. In his earlier assignments, he has served in various senior management and top leadership roles in global organisations like British Petroleum, Petro-Canada and Suncor Energy. He also served as the Chief Executive Officer & President at Irving Oil Limited. He holds a Bachelors of Art & Science in Chemical Engineering, a B.A. in Philosophy and Economics, a Masters of Engineering and an M.B.A. from the University of Toronto. 

Mr. Ashar has delivered industry-leading business results and demonstrated expertise in driving strategic growth, both organic and inorganic, delivering operational efficiency and executing large, complex capital intensive projects. In recognition of his operational excellence & large scale project management leadership in the oil sands project with Suncor Energy, Mr. Ashar was named as the "Operations Executive of the Year" by the Canadian Business Magazine in 2003.

Mr. Navin Agarwal, Chairman Cairn India Limited said:

"We are delighted to have Mr. Mayank Ashar on board to lead the Company as the new Managing Director & Chief Executive Officer. Mayank has a strong track record of executing corporate strategy, driving operational efficiency and delivering value to all stakeholders. His appointment comes at a critical phase when Cairn India is focused on delivering the next level of growth from its world-class Rajasthan asset and other assets.

We are confident that Mayank's unique blend of extensive oil and gas experience, leadership, organisational ability and business acumen will play a critical part in achieving Cairn India's vision of sustained growth." 

Mr. Mayank Ashar, Managing Director & Chief Executive Officer Cairn India Limited said:

"Cairn India has built a niche for itself in a short span of time and it is a privilege to lead the organisation. I am looking forward to working closely with the team. Together, I believe we can make significant contribution towards taking this world class organisation to new heights." 

For further details, please contact:

Media Relations

Neerja Sharma, Director, Assurance, Communications and Company Secretary

+91 124 4593169; +91 9717098035;cilmedia@cairnindia.com;

Investor Relations

Nidhi Aggarwal, Head - Investor Relations

+91 124 4593490; +91 9810197755;cilir@cairnindia.com

For further information, please contact:

About Vedanta Resources plc

Vedanta Resources plc ("Vedanta") is a London listed diversified global natural resources major. The group produces aluminium, copper, zinc, lead, silver, iron ore, oil & gas and commercial energy. Vedanta has operations in India, Zambia, Namibia, South Africa, Ireland, Liberia, Australia and Sri Lanka. With an empowered talent pool globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of entrepreneurship, excellence, trust, inclusiveness and growth. For more information, please visitwww.vedantaresources.com.

Disclaimer

This press release contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.